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"We're here today because we need immediate relief at the gas
pump and the place to look is the Strategic Petroleum Reserve,"
Schumer, a Democrat, said at a news conference in New York.
Soaring gas prices and car sales drove a solid increase in U.S.
producer prices in October as oil prices hit more than $80 a
barrel, with OPEC and its allies rebuffing U.S. pleas for the
producers to pump more crude.
Energy Secretary Jennifer Granholm said last Monday Biden could
act, but there was still no word on whether he would authorize a
sale from the U.S. Strategic Petroleum Reserve, which is held in
a series of caverns on the Texas and Louisiana coasts.
Analysts have warned a release from the Strategic Petroleum
Reserve would only produce a short-term effect, as it would not
increase U.S. production capacity.
As the U.S. economy reawakens after the coronavirus pandemic,
supply and demand cannot keep up, especially with supply chain
disruptions, Schumer said.
"No industry is spared. But fuel gasoline is the worst of all,"
Schumer said. "Let's get the price of gas down right now. And
this will do it."
Last week, 11 Senate Democrats urged Biden in a letter to tap
the SPR and ban crude oil exports to lower gas prices, citing
OPEC constraints on supplies and U.S. exports.
"Continued U.S. exports and overseas supply collusion could be
devastating to many in our states, contributing to higher bills
for American families and businesses," the senators, from New
England states and Pennsylvania, wrote on Nov. 8.
(Reporting by Doina Chiacu; Editing by Daniel Wallis and Lisa
Shumaker)
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